Business Strategy Strategic Management is the basis on which decisions are made that will affect the long-term outcomes in a business. The good news for students in this course is that it does not add new content to be learned. This Topic as stated in the IB Syllabus “synthesizes business ideas, concepts and techniques from the topics in the HL course.” As an approach, Strategic Management and Decision-making includes
The strategic decision making process is put into action through a technique known as the strategic audit. The strategic audit presents critical questions needed for a detailed strategic analysis. Analysis is conducted through the use of a tool, such as the SWOT and further compliments with other tools. If you were to study for an MBA, you would also encounter Business Strategy as a capstone course. However, there are a few variations in the IB that make the topic far easier.
1) Analysis
Analysis or environmental scanning is the used to determine the key elements that will affect the business. Multiple tools exist and you will be required to apply them in this section of the exam. The simplest way is to conduct an analysis is with the SWOT.
2) Choice
Choice or strategy formulation is the development of the plans that would be capable of meeting the long-term strategies of the business. These plans would be done in consideration of the mission statement or when using the SWOT, the internal strengths and weaknesses. Therefore for the choices are determined on the basis to the results yielded by the tool you have used to analyze the environment.
3) Strategy Implementation
This is the method by which the choices are put into action. In this regard, a business would have to consider all the resources at its disposal, e.g. Financial (budgets), Human resources (training) or Marketing. This is also referred to as operational planning. As business organizations grow more complex and widen their operations globally, the uncertainly of the environments in which they find themselves will demand an approach or methodology for decisions to be reached. Therefore the decision making process has indeed become more analytical! Welcome to Strategic Management. How to start: If you bear in mind the three approaches to business strategy, the rest becomes easier to understand. Analysis
Business Strategy
Strategic Management is the basis on which decisions are made that will affect the long-term outcomes in a business.
The good news for students in this course is that it does not add new content to be learned. This Topic as stated in the IB Syllabus “synthesizes business ideas, concepts and techniques from the topics in the HL course.” As an approach, Strategic Management and Decision-making includes
1) Environmental scanning (analysis)
2) Strategic formulation (choice) and
3) Strategy implementation.
The strategic decision making process is put into action through a technique known as the strategic audit. The strategic audit presents critical questions needed for a detailed strategic analysis. Analysis is conducted through the use of a tool, such as the SWOT and further compliments with other tools.
If you were to study for an MBA, you would also encounter Business Strategy as a capstone course. However, there are a few variations in the IB that make the topic far easier.
1) Analysis
Analysis or environmental scanning is the used to determine the key elements that will affect the business. Multiple tools exist and you will be required to apply them in this section of the exam. The simplest way is to conduct an analysis is with the SWOT.
2) Choice
Choice or strategy formulation is the development of the plans that would be capable of meeting the long-term strategies of the business. These plans would be done in consideration of the mission statement or when using the SWOT, the internal strengths and weaknesses. Therefore for the choices are determined on the basis to the results yielded by the tool you have used to analyze the environment.
3) Strategy Implementation
This is the method by which the choices are put into action. In this regard, a business would have to consider all the resources at its disposal, e.g. Financial (budgets), Human resources (training) or Marketing. This is also referred to as operational planning.
As business organizations grow more complex and widen their operations globally, the uncertainly of the environments in which they find themselves will demand an approach or methodology for decisions to be reached. Therefore the decision making process has indeed become more analytical! Welcome to Strategic Management.
How to start:
If you bear in mind the three approaches to business strategy, the rest becomes easier to understand.
Analysis
Choice
Implementation